We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive money or want the latest money transfer news.
The South African rand is trading steady at a level of 14.6000. The local unit showed improvement on Friday afternoon, to reach a best of 14.6925. Markets anticipated feedback from the Federal Reserve on Friday with regards to when the tapering will take place, but no announcement was made. Because of this, the USD lost ground and in turn the rand recovered. The predicted trading range for the rand today is between 14.6000 and 15.0000.
U.S. Federal Reserve Chair Jerome Powell, announced in his speech on Friday that tapering of asset purchases could begin this year, but it would not be a sign of higher rates. The rand is very susceptible to changes in risk appetite on global markets and prospects of the rate of U.S. monetary policy stabilisation.
Asian shares showed an increase as the USD slipped on Monday. Gold prices increases to a four-week high since Powell’s speech on Friday.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.6735 versus the dollar.
- GBP: 20.19
- Euro: 17.31
- Gold: 1814 USD
- Bitcoin: 47 901 USD